Ethereum’s Accumulation Trend Remains Unfazed by Price Downturn

This trend essentially implied that the market players were in anticipation of a potential bullish phase, which could be potentially due to the much-anticipated as well as the much-delayed launch of Ethereum 2.0 which is looming just around the corner. This is often touted as a major transition from PoW to PoS and Prysmatic Labs’ recent announcement that the launch was on track for a November released, could have further bolstered the accumulation sentiment.

Respite for Ethereum Transaction Fees

However, this wasn’t the only positive development in the Ethereum ecosystem. Ethereum’s network transaction fee has been a bone of contention for quite some time now. The transaction fee figures skyrocketed on the 2nd of September when it climbed to an ATH of $14.58 owing the mounting DeFi craze which led to a huge scale congestion on the network. After a brief respite, the transaction fee soared again to $11.61 a few days later.

However, at the time of writing, the figures declined to $3.85. To counter the prolong fees issue, Ethereum developers had recently introduced an Ethereum Improvement Proposal, EIP-1599, which aimed to reduce the fees further and, in turn, proposed to increase the gas limit [the unit of account which represents the cost of computing on the Ethereum network] by doubling the current limit.